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Lion Group Holding's SPAC Aquarius II Acquisition files for a $50 million IPO

July 16, 2021

Aquarius II Acquisition, the second blank check company formed by Lion Group Holding, filed on Friday with the SEC to raise up to $50 million.

The Hong Kong-based company plans to raise $50 million by offering 5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Aquarius II Acquisition would command a market value of $67 million market cap.

The company is led by CEO and Director Yan Zhang, who currently serves as the President of Lion Group Holding (LGHL), which went public via SPAC in June 2020. The company plans to target businesses with enterprise values of between $150 million and $300 million, strong and defensible market positions, current and potential capacity for revenue and earnings growth, and resilient business models, among other characteristics.

Aquarius I Acquisition (AQUI.U), another SPAC formed by Lion, filed to raise $50 million earlier this month.

Aquarius II Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol AQUBU. The company filed confidentially on June 9, 2021. EF Hutton is the sole bookrunner on the deal.